PT Merdeka Copper Gold (MDKA) Investor presentation summary

Asset portfolio and operations

• Controls significant gold, copper, nickel, and cobalt assets across Indonesia, including the Tujuh Bukit Copper Project, Pani Gold Project, Tujuh Bukit Gold Mine, Wetar Copper Mine, and SCM Mine.

• Pani Gold Project under construction, targeting over 500,000 oz annual gold production and multi-decade mine life.

• Tujuh Bukit Copper Project is a development-ready, long-life underground mine with 8.2Mt copper and 27.9Moz gold resources.

• SCM Mine is one of the world's largest nickel deposits, with 13.8Mt contained nickel and 1.0Mt cobalt.

• MBM operates integrated battery materials facilities, including HPAL, RKEF, and nickel matte plants.

Financial and operational highlights

• Pani Gold Project projects a post-tax NPV8 of $2.6b, average annual EBITDA of $550m, and IRR of 40%.

• Tujuh Bukit Copper Project targets first quartile AISC of $1.0/lb net of gold credits, with estimated pre-production capex of $750m.

• TB Gold Mine produced 24,139 oz in Q1 2024, with 2024 guidance of 100–120koz at ~$950/oz cash cost.

• Wetar Copper Mine produced 3,065t in Q1 2024, with 2024 guidance of 14,000–16,000t at $3.35–4/lb cash cost.

• MBM’s RKEF plants have a 2024 production guidance of 85,000–92,000t NPI at ~$10,000/t AISC.

Growth and development projects

• Pani Gold Project expects first gold in 2025 (heap leach) and 2028 (CIL), with construction and infrastructure progressing.

• Multiple HPAL plants under development with partners CATL and GEM, targeting 60ktpa and 30ktpa Ni MHP, respectively.

• PT ESG HPAL brownfield expansion to add 20ktpa in Q4 2024 and 10ktpa in Q2 2025, with $600m annual revenue target.

• AIM plant began acid production in April 2024, supporting HPAL growth and providing multiple by-products.

• Vertically integrated battery materials value chain from mining to nickel sulfate and battery precursor production.